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A Guiding Map on How to Manage Implementation of Innovation Projects in Industry 5.0

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  • Saurav Kumar

Abstract

Purpose: The present study aims to presenta guiding map on how to manage implementation of innovation projects industries in the Era of Internet of things (IoT) and Industry 5.0. Design/Methodology/Approach: The research design is descriptive in nature. Secondary data sources have been tapped efficiently and effectively. This study typically takes the form study of secondary data available on how to manage implementation of innovation projects industries. To understand and conclude the major factors contributing towards problems intackling innovation management in current era of industry 5.0 due to rise of new environmental factors in business, we have gone through a number of reports and papers. This has the advantages of providing very rich information and avoiding the influence of others on the opinion of any one individual. Findings: The speed of product development is key to the success. This Pearson’s map identifies and describes a wide range of organizational characteristics regarding the management of uncertainty in the context of innovation. Hence, it conveys in the very simple way an important message about the very complicated matter of managing uncertainty. Managing the innovation of products and processes is very different. Sometimes, the nature and the type of required products and market are distinctly defined. Contrarily, very little is known about the technology that is being developed and how it can be used. The information obtained or researched showed that the three big companies continues to excel in the industry because of their own innovative strategy and techniques not only limited in innovating their own services and products but by innovating their management and operation, from traditional management and operation to a modern ones. Furthermore, the information showed that innovation is critical to business because it gives each company an identity which vary from one another, new ideas are being produced which can contribute to the business longevity, and innovation allows company to respond to the competition and changes in the market trend which in return are not left behind by what the consumers demanded. Practical Implications: The present study is useful especially for higher-level leaders and managers who want to make their organizations innovation-driven and are concerned about human/user centeredness of innovation in the era of IoT and Industry 5.0 can get the maximum benefit out of it. Originality/Value: A key precondition for the survival of each enterprise is the continuous improvement of competitiveness, that is, the investment in innovation of products and services.

Suggested Citation

  • Saurav Kumar, 2024. "A Guiding Map on How to Manage Implementation of Innovation Projects in Industry 5.0," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 108-125.
    • Handle: RePEc:ers:ijebaa:v:xii:y:2024:i:4:p:108-125
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    References listed on IDEAS

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    1. Gault, Fred, 2018. "Defining and measuring innovation in all sectors of the economy," Research Policy, Elsevier, vol. 47(3), pages 617-622.
    2. Yong Yin & Kathryn E. Stecke & Dongni Li, 2018. "The evolution of production systems from Industry 2.0 through Industry 4.0," International Journal of Production Research, Taylor & Francis Journals, vol. 56(1-2), pages 848-861, January.
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    More about this item

    Keywords

    Innovation management; key factors for success of innovation; Pearson’s map; innovative projects implementation.;
    All these keywords.

    JEL classification:

    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment

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